MIRA
INFORM REPORT
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Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
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Name : |
LOVELY INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
24, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.06.1999 |
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Com. Reg. No.: |
089584 |
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Capital
Investment / Paid-up Capital : |
Rs.15.308 Millions |
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CIN No.: [Company Identification
No.] |
U20299WB1999PTC089584 |
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PAN No.: [Permanent Account No.] |
AAACL5322K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Timber |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
current year financial is missing from government department. However, general financial position of the company appears to be good.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
24, Park Street, Anuj Chamber, 3rd Floor, Flat No- 3A,
Kolkata – 700016, West Bengal, India |
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Tel. No.: |
91-33-22216979 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Kishan Gopal Biyani |
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Designation : |
Director |
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Address : |
Block D, 58D, New Alipore, Kolkata – 700053, West Bengal, India |
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Date of Birth/Age : |
23.01.1948 |
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Date of Appointment : |
19.06.1999 |
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Voter ID No.: |
WB\23\150\009076 |
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DIN No.: |
00077521 |
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Other Directorship :
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Name : |
Mr. Samir Biyani |
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Designation : |
Director |
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Address : |
Block D, 58D, New Alipore, Kolkata – 700053, West Bengal, India |
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Date of Birth/Age : |
20.08.1974 |
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Date of Appointment : |
19.06.1999 |
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Voter ID No.: |
WB\23\150\009078 |
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DIN No.: |
00077696 |
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Other Directorship :
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Name : |
Mrs. Lila Devi Biyani |
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Designation : |
Director |
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Address : |
Block D, 58D, New Alipore, Kolkata – 700053, West Bengal, India |
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Date of Birth/Age : |
20.04.1954 |
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Date of Appointment : |
19.06.1999 |
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Voter ID No.: |
WB\23\150\009077 |
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DIN No.: |
00077574 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
|
|
|
|
Samir Biyani |
|
57850 |
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Kishan Gopal Biyani |
|
247600 |
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Lila Devi Biyani |
|
121350 |
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Kishan Gopal Biyani (HUF) |
|
60000 |
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Varsha Biyani |
|
60000 |
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Lovely Promoters Private Limited, India |
|
489000 |
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Allan Niketan Private Limited, India |
|
45000 |
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Sagun Sales Private Limited, India
|
|
152500 |
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Rajarhat Developers Private Limited, India |
|
154000 |
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Rupnarayan Dealers Private Limited, India |
|
143500 |
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Total |
|
1530800 |
List of Allottees
As on 31.03.2012
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Names of Allottees |
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No. of Shares
Allotted |
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Lovely Floriculture Private Limited, India |
|
6000 |
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Rajarhat Developers Private Limited, India |
|
51000 |
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Sagun Sales Private Limited, India
|
|
68000 |
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Total |
|
125000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
|
Percentage |
|
Bodies corporate |
|
64.00 |
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Directors or relatives of directors |
|
36.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Timber |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, Overseas Branch, Samriddhi
Bhavan, Block – A, 1, Strand Road, Kolkata – 700001, West Bengal, India ·
Andhra Bank, Chowtinghee Road Branch, 58
Chowtinghee Road, Kolkata – 700071, West Bengal, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. K. Saraf and Associates Chartered Accountants |
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Address : |
85, Metcalfe Street, Kolkata – 700013, West Bengal, India |
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PAN No.: |
AADCS2458G |
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Associates : |
·
Lovely Transport Corporation ·
Lovely Promoters Private Limited ·
Lovely Enterprises Private Limited ·
Shublabh Vyapaar Private Limited ·
Pukhraj Estate Developers Private Limited |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1655800 |
Equity Shares |
Rs.10/- each |
Rs.16.558
Millions |
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|
|
|
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1530800 |
Equity Shares |
Rs.10/- each |
Rs.15.308
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
15.308 |
12.593 |
10.253 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
258.046 |
189.668 |
131.174 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
273.354 |
202.261 |
141.427 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
160.702 |
220.112 |
202.452 |
|
|
2] Unsecured Loans |
5.000 |
5.000 |
5.000 |
|
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TOTAL BORROWING |
165.702 |
225.112 |
207.452 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
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TOTAL |
439.056 |
427.373 |
348.879 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.704 |
2.454 |
1.465 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.500 |
3.001 |
3.017 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
111.758
|
148.730 |
69.012 |
|
|
Sundry Debtors |
513.256
|
433.872 |
398.833 |
|
|
Cash & Bank Balances |
44.275
|
20.737 |
29.009 |
|
|
Other Current Assets |
3.306
|
2.910 |
0.000 |
|
|
Loans & Advances |
29.100
|
40.893 |
59.781 |
|
Total
Current Assets |
701.695
|
647.142 |
556.635 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
243.763
|
185.747 |
205.014 |
|
|
Other Current Liabilities |
0.000
|
24.300 |
0.000 |
|
|
Provisions |
24.100
|
15.177 |
7.224 |
|
Total
Current Liabilities |
267.863
|
225.224 |
212.238 |
|
|
Net Current Assets |
433.832
|
421.918 |
344.397 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.020 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
439.056 |
427.373 |
348.879 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1691.220 |
1472.734 |
1151.547 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
1665.331 |
1450.650 |
1138.852 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1665.331 |
1450.650 |
1138.852 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
25.889 |
22.084 |
12.695 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.095 |
8.050 |
4.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
16.794 |
14.034 |
8.240 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.058 |
26.024 |
17.784 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
56.852 |
40.058 |
26.024 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
NA |
275.866 |
101.453 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
10.97 |
11.14 |
8.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.99 |
0.95 |
0.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.68 |
3.40 |
2.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59 |
2.23 |
2.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.62 |
2.87 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office address of the company has been shifted from “47A,
Zakaria Street, P S Jorasanko, Kolkata - 700073 , West Bengal, India” to the
present address w.e.f. 18.06.2008.
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2010 |
|
Letter of credit
outstanding with State Bank of India, Overseas Branch, Kolkata |
169.282 |
|
Bank guarantee
issued to the commissioner-cum-secretary, Department of Commerce and
Transport, Government of Orissa |
0.600 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate identity number of the company |
U20299WB1999PTC089584 |
|
Name of the company |
LOVELY INTERNATIONAL PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
24, Park Street, Anuj Chamber, 3rd Floor, Flat No- 3A, Kolkata – 700016, West Bengal, India E-mail Id : abhijit.sinha@lovelygroup.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10040553 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge Others (All other Current Assets) |
|
Particular of charge holder |
State Bank of India, Overseas Branch, Samriddhi Bhavan, Block – A, 1, Strand Road, Kolkata – 700001, West Bengal, India E-mail Id : sbiobcal@cal3.vsnl.net.in |
|
Nature of instrument creating charge |
Letter Regarding the Grant of Individual Limits within the Overall Limit - |
|
Date of instrument Creating the charge |
23.06.2012 |
|
Amount secured by the charge |
Rs.764.600 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit: At 4.50% above Base Rate, effective rate 14.50% at present (present Base Rate 10.00%). Terms of Repayment Working Capital limit is repayable on Demand. Margin As stipulated by the Bank for the respective assets from time to time. Cash Credit : Stock-in-Trade : 25%, Receivables (Domestic) : 35% (cover period of receivables 120 days against 25 major debtors) Letter of Credit (cover Maximum 180 days for Import LCs, 90 days for Inland LCs) : 10% (additional 15% built up margin to be obtained at the end of 4th month) Remaining 75% at the time of payments of Bill under LC. Extent and Operation of the charge The charge operates as first charge basis on the whole of the hypothecated current assets of the Company, both present and future to secure the maximum amount under the said charge fixed at Rs.764.600 Millions together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements. The overall limit is also secured by corporate guarantee of M/s. Shivangan Agencies Private Limited, M/s. Pukhraj Estate Developers Private Limited, M/s. Shagun Residency Private Limited, M/s. Lovely Promoters Private Limited and M/s. Snow Berry Vanijya Private Limited. |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
Hypothecation of stock in trade of the Company including stocks at Sea Ports, stocks at Company's sstockyard (godown) goods in transit, goods with Company's agents/representatives, sundry debtors and receivables, both present future. |
|
Date of instrument modifying the charge |
15.03.2011 |
|
Particulars of the present modification |
By this modification, the overall limit is reduced from Rs.784.000 Millions to Rs.764.600 Millions as stated under and charge on hypothecated current assets of the Company extended to secure the overall limit together with interest, costs and charges thereon: CC : Rs.400.000 Millions LOC/LOU : (Rs.130.000 Millions) LC : Rs.280.000 Millions IBD (under LC) : Rs.75.000 Millions Forward Contract: Rs.9.600 Millions. All other terms and conditions continue to remain as before in full force and effect. |
FIXED ASSETS:
· Trade mark
· Air conditioner
· Locker safe
· Computer
· EPABX System
· Motor Car
· Motor Cycle
· Printer and Fax Machines
· Furniture and Fixtures
·
Mobile Phone
·
Water Dispenser
·
LCD System
·
Notes Counting Machines
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.